LONDON & HOUSTON--(BUSINESS WIRE)--Regulatory News:

TechnipFMC (NYSE: FTI) (PARIS: FTI) intends to acquire the remaining 49% of shares in TIOS AS, a joint venture between TechnipFMC and Island Offshore Management AS (Island Offshore) formed in 2018. This will accelerate the development of TechnipFMC’s integrated service model focused on maximizing value to our clients.

TIOS provides fully integrated Riserless Light Well Intervention (RLWI) services, including project management and engineering for plug & abandonment, riserless coiled tubing, and well completion and intervention operations, and has serviced over 740 wells globally since 2005.

The company will continue to utilize Island Offshore as the vessel provider for RLWI services.

Jonathan Landes, President, Subsea at TechnipFMC, commented, “We are pleased to welcome TIOS wholly into TechnipFMC. This transaction brings into the company additional expertise that will maximize our capability to provide a complete range of well services globally to our clients in a rapid and economical manner.”

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

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TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt”, the “Corporation”, the “Company”) (TSX: S), a world leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, today reported its financial results for the three and six months ended June 30, 2021. All amounts are in Canadian currency unless otherwise noted.

CEO COMMENTARY

“Our performance in Q2 was marked by strong nickel and cobalt production, receipt of US$28 million in distributions from the Moa Joint Venture, and measures taken to reduce corporate costs by approximately $1.3 million annually,” said Leon Binedell, President and CEO of Sherritt International. “Just as significant, we accelerated efforts to transition our Technologies Group from being a cost centre to becoming an incubator of industry solutions that can be commercialized externally or applied internally to improve operational performance, reduce carbon emissions, and support growth initiatives, such as efforts to de-bottleneck production, evaluate brownfield expansion opportunities, and increase mineral reserves.”

Mr. Binedell added, “Although our ability to collect overdue receivables may be subject to near-term volatility due to the continued impact of U.S. sanctions and Cuba’s reduced access to foreign currency on account of the global pandemic, we remain bullish on our prospects given the favourable outlook for nickel and cobalt with the mass adoption of electric vehicles anticipated in the coming years.”

SELECTED Q2 2021 HIGHLIGHTS

• Leon Binedell, a 25-year mining industry veteran with a history of building shareholder value, was appointed President and CEO of Sherritt International effective June 1, 2021.
• Adjusted EBITDA⁽¹⁾ was $18 million, up 114% from last year. The higher total was indicative of strong production totals at the Moa Joint Venture (Moa JV) and improved nickel and cobalt prices, but offset by increased input costs and $1.8 million of expenses relating to a 10% workforce reduction in Sherritt’s Corporate office, which will result in a reduction of corporate costs by approximately $1.3 million annually, and $5.5 million in other contract benefits expenses relating to the planned departure of senior executives.
• Sherritt’s share of finished nickel production at the Moa JV was 4,230 tonnes, up 2% from last year while Sherritt’s share of finished cobalt production was 476 tonnes, up 12%. The growth was largely attributable to higher inventories of mixed sulphides available at the refinery in Fort Saskatchewan, Alberta and improved refinery reliability.
• Net Direct Cash Cost (NDCC)⁽¹⁾ at the Moa JV was US$4.58/lb, up 17% from last year. Despite a 73% improvement in cobalt by-product credits, unit costs per pound of finished nickel sold were impacted by the 65% increase in sulphur prices, 160% increase in fuel oil prices, 46% increase in natural gas prices, and added costs stemming from the purchase of sulphuric acid necessary because of the acid plant shutdown at Moa due to scheduled maintenance repairs.
• Upgraded a number of environmental, social, and governance (ESG) targets, including a target of achieving net zero greenhouse emissions by 2050 and obtaining 15% of overall energy from renewable sources by 2030. Sherritt’s list of long-term and interim ESG targets will be published in its upcoming Sustainability Report.
• Received US$28 million in distributions from the Moa JV. The total consisted of Sherritt’s 50% share of distributions declared by the Moa JV, or US$14 million, and US$14 million re-directed by General Nickel Company S.A. (GNC), Sherritt’s joint venture partner, from its 50% share to be used to fund Energas operations.
• Received US$24.5 million in Cuban energy payments, including the US$14 million noted above redirected to Sherritt by its Moa JV partner. Sherritt anticipates continued variability in the timing of collections through the remainder of 2021, and is working with its Cuban partners to ensure timely receipts.
• Generated $1.5 million of cash from continuing operations for operating activities, representing a turnaround of $14.1 million from Q2 2020.
• Purchased a total of $2 million principal amount of 8.5% second lien notes at an aggregate cost of $1.3 million. The $2 million debt reduction will also result in cash interest savings of $0.9 million through to the maturity in November 2026.
• Excluding the non-cash impacts of share-based compensation and depreciation, administrative expenses declined by $2.7 million from Q2 2020.

DEVELOPMENTS SUBSEQUENT TO THE QUARTER END

• Sherritt donated $250,000 to UNICEF to support immunization efforts and improve the capacity of approximately 90 vaccination centres throughout Cuba, including the municipality of Moa in Holguin. The donation, which will benefit almost 3 million people, including approximately 350,000 children, will help curb the spread of COVID-19 and support future vaccination needs.

Q2 2021 FINANCIAL HIGHLIGHTS

Cash, cash equivalents, and short-term investments at June 30, 2021 were $153.8 million, down from $158.3 million at March 31, 2021. The decrease was due to a number of factors, including use of $1.3 million towards the repurchase of 8.5% second lien notes with a principal value of $2 million, payment of $15 million in interest on 8.5% second lien notes and $2.9 million in capital expenditures. The decrease was partially offset by the receipt of US$14 million in distributions from the Moa JV representing Sherritt’s 50% share and the receipt of US$24.5 million in Cuban energy payments, which included US$14 million re-directed by GNC, Sherritt’s joint venture partner, from its 50% share of distributions.

The US$28 million of distributions paid by the Moa JV in Q2 2021 was indicative of improved nickel and cobalt average-realized prices and strong production results. In Q2 2020, the Moa JV did not declare any distributions. Sherritt anticipates receipt of additional distributions from the Moa JV through to the end of 2021 based on prevailing nickel and cobalt prices, planned capital spend, and liquidity requirements for the Moa JV.

Collections against overdue amounts owed to Sherritt by its Cuban energy partners continue to be adversely impacted by a combination of factors, including the ongoing effects of U.S. sanctions against Cuba, Cuba’s reduced access to foreign currency on account of the global pandemic, and the country’s launch of a currency unification process. Sherritt received US$24.5 million of Cuban energy payments, which included US$14 million of redirections from GNC, in Q2 2021.

Total overdue scheduled receivables at June 30, 2021 were US$154.7 million, largely unchanged from US$154.2 million at March 31, 2021. Subsequent to quarter end, Sherritt received US$1.6 million in Cuban energy payments. Sherritt anticipates variability in the timing and the amount of energy payments, and continues to work with its Cuban partners to ensure timely receipt of energy payments.

As at June 30, 2021, Sherritt held cash, cash equivalents and short-term investment in Canada totaling $77.4 million, up from $75.6 million at March 31, 2021.

Adjusted net loss⁽¹⁾

Net loss from continuing operations for Q2 2021 was $10.4 million, or $0.03 per share, compared to a net loss of $13.3 million, or $0.03 per share, for the same period last year. The improvement was driven largely by the strong contributions from the Moa JV as a result of higher sales volumes and higher realized prices compared to the same period of last year.

Adjusted net loss from continuing operations was $13.0 million, or $0.03 per share, for the quarter ended June 30, 2021. In Q2 2020, Sherritt incurred an adjusted net loss of $27.7 million or $0.07 per share. Sherritt’s adjusted net loss for Q2 2021 excluded an unrealized foreign exchange gain of $8.6 million, severance and other contract benefits expense of $2.4 million, and unrealized losses on commodity put options of $3.7 million.

METALS MARKET

Nickel

Following a price pullback triggered by Tsingshan’s announcement in early March that it plans to supply 100,000 tonnes of a nickel intermediate product amenable for use in electric vehicle batteries starting in October 2021, nickel prices enjoyed a sharp recovery in Q2, closing at US$8.37/lb on June 30, up 15% from the start of the quarter.

The price increase was driven by a number of market developments suggesting strong near-term demand for nickel and lower available supply by year end.

Chief among the factors that contributed to rising nickel prices in Q2 was news from Indonesia that it plans to put restrictions on the construction of new nickel pig iron and ferronickel smelters, effectively raising supply concerns, particularly about how China’s growing demand for stainless steel production would be met. Supply concerns were also exacerbated by a labour strike at a nickel operation in Ontario.

The impact of nickel supply disruptions and strong demand driven by global economic recovery since the start of the global pandemic and growing electric vehicle sales was made evident by the 12% decrease in nickel inventory levels on the London Metals Exchange (LME) to 232,476 tonnes by June 30. Similarly, inventory levels on the Shanghai Futures Exchange fell to 4,982 tonnes, down from 8,972 tonnes at the start of the quarter.

Continued strong demand and market tightness led a number of industry analysts, including Wood Mackenzie, to forecast a nickel supply deficit in 2021 in contrast to a forecast for nickel surplus at the start of the year. As at July 29, nickel inventories on the LME declined further to 215,412 tonnes.

Nickel inventory level uncertainty is, however, anticipated in 2022 and 2023, and some industry analysts have forecast an inventory surplus in the near term.

The long-term outlook for nickel remains bullish due to the strong demand expected from the electric vehicle battery market. Over the past year, in particular, multiple automakers and governments have announced plans for significant investments to expand electric vehicle production capacity to meet growing demand as well as more aggressive timelines to phase out the sale of internal combustion engines. In 2020, more than three million plug-in electric vehicles (PEV) were sold despite the global pandemic. Industry observers estimate that the number of PEVs sold in 2021 will double to 6.1 million units. CRU has forecast that electric vehicles sales will grow to 13.7 million units by 2025.

As a result of its unique properties, high-nickel cathode formulations remain the dominant choice for long-range vehicles manufactured by automakers with Class 1 nickel being an essential feedstock in the battery supply chain. Sherritt is particularly well positioned given our Class 1 production capabilities and the fact that Cuba possesses the world’s fourth largest nickel reserves.

Cobalt

While standard grade cobalt prices on June 30 closed at US$22.90/lb, essentially flat from the start of the second quarter according to data collected by Fastmarkets MB, cobalt prices in Q2 were, in fact, marked by considerable volatility. Prices ranged from a low of US$19.88/lb to a high of US$22.90/lb, a variance of more than 12%.

Prices in Q2 declined because of increased supply made available from the Democratic Republic of Congo. By quarter end, prices recovered largely as a result of increased buying from electric vehicle battery manufacturers in Europe and increased stockpiling from consumers. Cobalt is a key component of rechargeable batteries providing energy stability.

The recovery of cobalt prices by the end of Q2 2021 also reflected improved market conditions as demand grew from sectors particularly impacted at the start of the pandemic, such as the aerospace sector and consumer electronics, which experienced increased purchasing of home office equipment. In Q2 2020, when market conditions for cobalt were at their softest as a result of the pandemic, the average reference price was US$15.19/lb. The higher average cobalt reference price of US$21.06/lb in Q2 2021 demonstrates the strengthening of the cobalt market over the past year.

Industry observers, such as CRU, expect cobalt prices to continue to rise in the near term with prices forecast to peak at US$31/lb in 2024 as limited new sources of supply have been announced to fill expected demand over the next five years. Since the start of Q3, cobalt prices have risen to US$24.85/lb largely because of supply logistics disruptions in South Africa.

The outlook for cobalt over the long term remains bullish as demand is expected to grow to 270,000 tonnes by 2025, representing a compound annual growth rate of 13.5% according to CRU.

REVIEW OF OPERATIONS

Moa Joint Venture (50% interest) and Fort Site (100%)

Mixed sulphides production at the Moa JV in Q2 2021 was 4,020 tonnes, down 7% from 4,323 tonnes produced in Q2 2020. The decline was primarily due to reduced availability of sulphur on account of shipment delays to Moa. Lower mixed sulphides production was offset by the availability of high feed inventory levels at the refinery in Fort Saskatchewan, Alberta. Mixed sulphides production levels returned to normal in the latter part of Q2 with completion of acid plant repairs and improved suphur availability at Moa.

Finished nickel production in Q2 2021 totaled 4,230 tonnes, up 2% from the 4,147 tonnes produced in Q2 2020 while finished cobalt production for Q2 2021 was 476 tonnes, up 12% from the 425 tonnes produced in Q2 2020. The growth was largely attributable to the availability of higher inventory of mixed sulphides at the refinery and improved refinery reliability. Finished cobalt production also improved because of a higher cobalt to nickel ratio in ore feed.

Consistent since the start of the global pandemic in February 2020, production of mixed sulphides and finished nickel and cobalt were not affected by the spread of COVID-19 in Q2 2021 largely because of additional health and safety measures implemented to protect employees, suppliers and various stakeholders at operations at Moa and at the refinery in Fort Saskatchewan. Safety protocols to mitigate the impact of COVID-19, which are in accordance with or are more stringent than guidelines outlined by local governments, will continue.

As disclosed previously, the annual maintenance shutdown of the refinery in Fort Saskatchewan was deferred from Q2 to Q3, and finished nickel and cobalt production will be impacted accordingly. This year’s shutdown will be a full-facility shutdown, including all of the refinery and utility plants, that occurs once every six years. Full-facility shutdowns have previously occurred once every five years. The extended interval between full-facility shutdowns reflects ongoing commitments to asset management and operational excellence measures implemented over the past several years. This year’s shutdown is expected to last approximately 11 days compared to the typical five-day annual shutdowns. Sherritt’s guidance for 2021 production, unit cost and capital spend at the Moa JV is based on this full-facility shutdown. Based on performance through June 30, guidance for 2021 remains in effect.

Sales volume for finished nickel and cobalt in Q2 2021 were up 2% and 28%, respectively, from last year. The year-over-year increase was largely due to higher production and improved demand as a result of economic recovery since the onset of the global pandemic, particularly in China, which is a significant consumer of nickel and cobalt.

Total Moa JV revenue in Q2 2021 was $142.2 million, up 23% from $115.5 million last year. The revenue increase was attributable to a number of factors, including higher average-realized nickel and cobalt prices as well as higher nickel and cobalt sales volumes, but partially offset by lower fertilizer sales volumes. In Q2 2021, average-realized nickel and cobalt prices were up 26% and 24%, respectively, from last year. Average-realized prices are impacted by the timing of deliveries, settlement against contract terms, and fluctuations in the value of the Canadian currency.

Mining, processing and refining (MPR) costs per pound of nickel sold for Q2 2021 were US$5.86/lb, up 23% from last year. MPR costs in Q2 2021 increased due to a combination of factors, including higher input costs, higher maintenance costs and added costs stemming from the purchase of sulphuric acid necessary during the acid plant shutdown at Moa due to scheduled maintenance repairs. Input costs, in particular, were negatively impacted by the 65% increase in sulphur prices, 160% increase in fuel oil prices, and 46% increase in natural gas prices. Higher MPR costs were partially offset by the effect of Cuba’s unification of its currencies in lowering labour and other service expenses.

Net direct cash cost (NDCC) per pound of nickel sold in Q2 2021 was US$4.58/lb, up 17% from last year. The increase was primarily driven by MPR costs, but partially offset by the 73% improvement in cobalt by-product credits due to higher average-realized prices, and by the higher cobalt to nickel production ratio. Lower fertilizer and other by-product credits were driven by higher fertilizer and sulphuric-acid production costs due to higher sulphur and energy prices.

Sustaining capital spending in Q2 2021 was $7.7 million, down 19% from $9.5 million in Q2 2020 for the same period last year. The year-over-year decrease was due primarily to the timing of planned capital expenditures. Sherritt’s share of planned spending at the Moa JV and Fort Site in 2021 is unchanged at US$44 million, and primarily earmarked for the continued replacement of mine and plant equipment.

Sherritt has begun preliminary discussions with its Moa JV partner on brownfield expansion opportunities, including the launch of a slurry preparation plant initiative that would result in improved ore sorting and processing as well as reduced transportation expenses.

Power

For further investor information contact:
Joe Racanelli, Director of Investor Relations
Telephone: (416) 935-2457
Toll-free: 1 (800) 704-6698
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Sherritt International Corporation
Bay Adelaide Centre, East Tower
22 Adelaide St. West, Suite 4220
Toronto, ON M5H 4E3
www.sherritt.com

HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Eversource Energy (NYSE: ES) today reported earnings of $264.5 million, or $0.77 per share, in the second quarter of 2021, compared with earnings of $252.2 million, or $0.75 per share, in the second quarter of 2020. In the first half of 2021, Eversource Energy earnings totaled $630.7 million, or $1.83 per share, compared with earnings of $587 million, or $1.75 per share, in the first half of 2020.

Results for both years include charges primarily related to the October 2020 acquisition of the assets of Columbia Gas of Massachusetts. Those charges totaled $6.8 million in the second quarter of 2021 and $13 million in the first half of 2021, compared with charges of $3.9 million in the second quarter of 2020 and $7.4 million in the first half of 2020. Absent those charges, Eversource earned $271.3 million¹, or $0.79 per share¹, in the second quarter of 2021 and $643.7 million¹, or $1.87 per share¹, in the first half of 2021.

Eversource Energy also today reaffirmed its previously disclosed 2021 earnings per share (EPS) projection toward the lower end of a range of $3.81 to $3.93 per share. That guidance includes a charge of $0.07 per share in the first quarter of 2021 related to Connecticut regulators’ assessment of the company’s performance restoring power in August 2020 following the catastrophic damage from Tropical Storm Isaias. Eversource Energy also today reaffirmed its long-term EPS growth rate from its existing core regulated businesses in the upper half of 5-7 percent, using the $3.64 per share¹ earned in 2020 as a base.

“We remain a steadfast partner in our region’s efforts to enhance its infrastructure and reduce its carbon footprint,” said Joe Nolan, Eversource president and chief executive officer. “We continue to advance a large number of innovative clean energy initiatives, and despite the challenges posed by Tropical Storm Elsa and a large number of damaging thunderstorms earlier this month, our employees worked around the clock to support our customers and repair tree-caused damage as promptly and safely as possible. We are pleased that this work by our employees is being recognized by customers and our policymakers.”

Electric Transmission

Eversource Energy’s transmission segment earned $137.6 million in the second quarter of 2021 and $273 million in the first half of 2021, compared with earnings of $129.5 million in the second quarter of 2020 and $256.2 million in the first half of 2020. Transmission segment results improved due to a higher level of investment in Eversource’s electric transmission system.

Electric Distribution

Eversource Energy’s electric distribution segment earned $121.6 million in the second quarter of 2021 and $214.9 million in the first half of 2021, compared with earnings of $115 million in the second quarter of 2020 and $245.1 million in the first half of 2020. Improved second-quarter results were due primarily to higher revenues, offset by higher operation and maintenance expense, depreciation and property taxes. Lower first half results in 2021 are primarily the result of the aforementioned first-quarter storm performance charge.

Natural Gas Distribution

Eversource Energy’s natural gas distribution segment earned $4.1 million in the second quarter of 2021 and $151.6 million in the first half of 2021, compared with earnings of $2.6 million in the second quarter of 2020 and $88.6 million in the first half of 2020. Improved second-quarter results were primarily the result of higher revenues. Higher first-half results in 2021 were due primarily to the addition of the former Columbia Gas of Massachusetts assets, most of which are now held by Eversource Gas Company of Massachusetts.

Water Distribution

Eversource’s water segment earned $8.9 million in the second quarter of 2021 and $12.6 million in the first half of 2021, compared with earnings of $10.4 million in the second quarter of 2020 and $12.5 million in the first half of 2020. Lower second-quarter results were primarily due to lower revenues due to the sale of the water system around Hingham, Massachusetts in mid-2020.

Eversource Parent and Other Companies

Eversource Energy parent and other companies had losses of $7.7 million in the second quarter of 2021 and $21.4 million in the first half of 2021, compared with losses of $5.3 million in the second quarter of 2020 and $15.4 million in the first half of 2020. Higher losses primarily reflect the impact of acquisition-related costs related to the Columbia Gas assets and Aquarion Company’s pending acquisition of New England Service Company.

The following table reconciles 2021 and 2020 second quarter and first half earnings per share:

Financial results by segment for the second quarter and first six months of 2021 and 2020 are noted below:

Three months ended:

Six months ended:

Eversource Energy has approximately 344 million common shares outstanding and operates New England’s largest energy delivery system. It serves approximately 4.3 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire.

¹ All per-share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy's assets and liabilities as a whole. EPS by business is a financial measure not recognized under generally accepted accounting principles (non-GAAP) that is calculated by dividing the net income or loss attributable to common shareholders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. Earnings discussions also include a non-GAAP financial measure referencing 2021 and 2020 earnings and EPS excluding certain acquisition and transition costs. Eversource Energy uses these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain 2021 and 2020 results without including these items. Management believes the acquisition and transition costs are not indicative of Eversource Energy’s ongoing costs and performance. Due to the nature and significance of the effect of these items on net income attributable to common shareholders and EPS, management believes that the non-GAAP presentation is a more meaningful representation of Eversource Energy’s financial performance and provides additional and useful information to readers in analyzing historical and future performance of the business. These non-GAAP financial measures should not be considered as alternatives to Eversource Energy’s consolidated net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy’s operating performance.

This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, readers can identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Factors that may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to: cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; the negative impacts of the novel coronavirus (COVID-19) pandemic, including any new or emerging variants, on our customers, vendors, employees, regulators, and operations; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.

Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov. All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, Eversource Energy undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

EVERSOURCE ENERGY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

Jeffrey R. Kotkin
(860) 665-5154

Hardware Matter is Resolved

BAYPORT TERMINAL PERMIT IS RENEWED AS IMPORTS CONTINUE TO POUR IN

AND JUNETEENTH HOLIDAY RECOGNIZED

HOUSTON--(BUSINESS WIRE)--Truck gate operations have resumed Thursday afternoon at Barbours Cut and Bayport Terminals, following resolution of computer hardware issues that closed both terminals to truck traffic for two and a half days. “Extended gate times are planned through the weekend - or as long as needed – until business is caught up,” Port Houston Executive Director Roger Guenther said.

Guenther expressed regret to customers and partners, including truckers, and appreciation for their patience while resolving the issue. Guenther said, “We will take a strong look to find what caused the problem, and measures will be put in place to help prevent it from happening again.”

In more Port Houston news, the U.S. Army Corps of Engineers renewed the federal permit for Port Houston’s Bayport Terminal. This significant milestone was officially announced and applauded during the July meeting of the Port Commission of the Port of Houston Authority held last week.

This crucial permit allows Port Houston to continue its master plan for construction to build out the Bayport Terminal, which includes its current $200 million expansion program to complete Wharf 6, Container Yard 2, and other projects – part of Port Houston continuing efforts to remain ahead of accelerating demand.

Port Chairman Ric Campo also announced Port Houston was on track in the coming weeks to enter into a Project Partnership Agreement or PPA with the Army Corps, a key step in Project 11 widening construction program of the Houston Ship Channel. Signatures and other final actions began processing this week, and a formal announcement is planned.

Container volume recorded a 39% increase over last June, Executive Director Roger Guenther told the commission in his staff report. Port Houston has handled containers totaling more than 1.6 million twenty-foot-equivalent units (TEU) at the midpoint of 2021, reflecting a 13% increase. Underscoring the constant increase in business, he notes “imports continue to pour into Houston as we continue to reach new record highs for gate moves and single vessel moves.”

Further highlighting the escalating momentum of the container business, Guenther shared that for the first time ever, Barbours Cut Terminal outpaced Bayport in loaded container gate moves (15,000 vs. 14,000) during the month of July, as a new record was also set at Barbours Cut with 5,687 single vessel moves working The ONE Matrix.

Emphasizing Port Houston’s sustainable operations efforts, Guenther noted that Bayport had just received five new hybrid-electric rubber-tired gantry cranes (RTGs), with the next delivery of an additional four RTGs expected in August. He added that the beginning construction stages for Wharf 6 at Bayport can now be seen. The project began last month and will take nearly two years to complete.

The Port Commission and the Port Commission Citizens Advisory Council were also briefed on Port Houston’s draft Sustainability Action Plan, which includes twenty seven opportunities for it to lead, partner or support these initiatives in the region.

Making history, the Port Commission unanimously endorsed the observance of Juneteenth as an annual holiday for Port Houston employees. Chairman Campo praised U.S. Senator John Cornyn and U.S. Representative Sheila Jackson Lee for providing leadership in Congress as the primary sponsors of legislation making Juneteenth a federal holiday. Congresswoman Jackson Lee personally expressed her appreciation for this support of the Juneteenth holiday and underscored her continued support of the channel expansion project as well.

Chairman Campo emphasized that Juneteenth, “is not only important to Texans but is important to all Americans…we are grateful for it becoming law and receiving the recognition it has long deserved.”

The next regular Port Commission meeting will be held on September 28th in person at the Port Houston Executive Office Building located at 111 East Loop North, Houston, TX 77029.

About Port Houston

For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient and fastest-growing container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at www.PortHouston.com.

Lisa Ashley, Director, Media Relations
Office: 713-670-2644; Mobile: 832-247-8179
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LONDON & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) (PARIS: FTI) intends to acquire the remaining 49% of shares in TIOS AS, a joint venture between TechnipFMC and Island Offshore Management AS (Island Offshore) formed in 2018. This will accelerate the development of TechnipFMC’s integrated service model focused on maximizing value to our clients.

TIOS provides fully integrated Riserless Light Well Intervention (RLWI) services, including project management and engineering for plug & abandonment, riserless coiled tubing, and well completion and intervention operations, and has serviced over 740 wells globally since 2005.

The company will continue to utilize Island Offshore as the vessel provider for RLWI services.

Jonathan Landes, President, Subsea at TechnipFMC, commented, “We are pleased to welcome TIOS wholly into TechnipFMC. This transaction brings into the company additional expertise that will maximize our capability to provide a complete range of well services globally to our clients in a rapid and economical manner.”

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
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Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
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Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
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HOUSTON--(BUSINESS WIRE)--Safe Marine Transfer, LLC. (SMT) announced that LiquidPower Specialty Products Inc. (LSPI) has taken an equity interest in SMT and has entered a strategic alliance to deliver LSPI’s market leading drag reducing agents (DRA) subsea via SMT’s patented all electric dual barrier subsea storage and delivery technologies. Drag reducing agents (DRA), also known as flow improvers, are long-chain hydrocarbon polymers that act as turbulence inhibitors along the pipe wall to decrease the amount of energy lost in turbulent activity.

The introduction of DRA at the subsea well/drill center has the potential to significantly increase production in a cost-effective manner, by increasing flow rates in existing subsea production lines, subsea gathering lines, and subsea trunk lines. Marina Kaplan, LSPI’s Vice President of Strategy and Corporate Development, “SMT presents LSPI with a unique opportunity to leverage over four decades of pioneering technology, product development and global delivery to a completely new market where we have the potential to significantly increase subsea well tieback production.”

Additionally, SMT announced that Subsea 7 has taken minority equity interest in SMT and entered a Cooperation Agreement to assist in the delivery of SMT’s services and LSPI DRA on a global basis. Mr. Graeme Kinnell, Subsea 7 Board Observer, “Subsea 7 is pleased to be positioned to offer new and unique services to our subsea oil company clients via our relationship with SMT and LSPI. This investment helps support our vision to lead the way in the delivery of offshore projects and services for the energy industry.”

SMT’s CEO and co-founder Art J. Schroeder, Jr., “We are very pleased that these two world-class companies have chosen SMT as a partner to expand their range of products and services. LSPI, as a global leader in drag reduction technology, brings a proven value-add product. Subsea 7, with its global fleet of marine equipment, marine support, manufacturing, and assembly sites offers an established global delivery team. We look forward to jointly working with our subsea oil company customers to deliver additional value in their subsea tiebacks.”

About LiquidPower Specialty Products Inc. (LSPI)

LiquidPower Specialty Products Inc. (LSPI), a Berkshire Hathaway Company, is the global leader in the science and application of drag reduction, with over 40 years of experience. LSPI specializes in DRA technology by maximizing the flow potential of pipelines, increasing operational flexibility and throughput capacity. Through its partnership with SMT, LSPI will provide DRA for subsea application to significantly increase production by creating higher flow rates in existing subsea production lines, subsea gathering lines, and subsea trunk lines. For more information, visit www.liquidpower.com

About Subsea 7

Subsea 7 is a global leader in the delivery of offshore projects and services for the evolving energy industry. Subsea 7 creates sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs. For more information, visit www.Subsea7.com

About SMT

Founded in Houston, Texas, in 2012 by Jim Chitwood and Art Schroeder, SMT grew out of a need identified by the oil company driven DeepStar® consortium. Initial partial funding was provided by the National Energy Technology Laboratory (NETL), United States Department of Energy through the Research Partnership to Secure Energy for America (RPSEA), DeepStar® in-kind contributions, and generous industry support. SMT is now focused exclusively on DRA delivery with partners LSPI and Subsea 7. For more information, please visit www.SafeMarineTransfer.com

Fernanda Soares
Marketing Communications Manager, LiquidPower Specialty Products Inc. (LSPI)
281-948-4981 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Strategically positioned to capture sustainable value from increasing scale and responsible development

SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (NYSE: SWN) today announced financial and operating results for the second quarter ended June 30, 2021.

• Integration planning for scale-enhancing acquisition and Haynesville entry ahead of schedule; shareholder vote set for August 27^th;
• Implemented basin-wide project to certify and continuously monitor potential emissions from all Appalachia unconventional wells;
• Further reduced leverage ratio by 0.4x to 2.6x; sustainable 2x leverage expected in late 2021;
• Generated $270 million net cash provided by operating activities; invested $259 million consistent with our maintenance capital plan; expect free cash flow to ramp in second half 2021;
• Captured promised $100 per foot well costs savings on first three Ohio Utica wells;
• Reported total production of 276 Bcfe, or 3.0 Bcfe per day, including 2.4 Bcf per day of gas and 104 MBbls per day of liquids;
• Received weighted average realized price (excluding impact of transportation and hedges) of $2.92 per Mcfe; and
• Approximately 90% of remaining 2021 Appalachia natural gas basis protected; annual differential guidance range remains unchanged.

“Southwestern Energy meaningfully advanced its strategic value-creation objectives during the quarter. The Company announced a significant acquisition that we believe is highly accretive across both equity and credit metrics. The addition of Indigo further positions SWN as a leading natural gas company; it expands our investment opportunities across the nation’s top two natural gas basins and enhances our margins while reducing basis volatility. Additionally, in alignment with our ESG strategy, we initiated the certification and continuous monitoring of all Appalachia unconventional wells. These two strategic actions enhance sustainable and responsible value creation for all stakeholders,” said Bill Way, Southwestern Energy President and Chief Executive Officer.

Financial Results

For the quarter ended June 30, 2021, Southwestern Energy recorded net loss of $609 million, or ($0.90) per diluted share, compared to a net loss in 2020 of $880 million, or ($1.63) per diluted share. The quarter ended June 30, 2021 included a $772 million loss on unsettled derivatives and the same period for 2020 included a $655 million non-cash impairment and a $229 million loss on unsettled derivatives.

Adjusted net income was $129 million, or $0.19 per diluted share, in the second quarter of 2021, compared to a loss of $1 million, or ($0.00) per diluted share, for the prior year period. The increase was primarily related to a 33% increase in the weighted average realized price including derivatives and a 37% increase in production volumes, largely due to the Montage acquisition. Adjusted EBITDA (non-GAAP) was $300 million, net cash provided by operating activities was $270 million and net cash flow (non-GAAP) was $272 million.

As indicated in the table below, second quarter 2021 weighted average realized price, including $0.37 per Mcfe of transportation expenses, was $2.55 per Mcfe excluding the impact of derivatives. Including derivatives, weighted average realized price (including transportation) for the quarter was up 33% from $1.65 per Mcfe in 2020 to $2.20 per Mcfe in 2021 primarily due to higher commodity prices including a 65% increase in NYMEX Henry Hub and a 137% increase in WTI. Second quarter 2021 weighted average realized price before transportation expense and excluding the impact of derivatives was $2.92 per Mcfe.

At quarter end, the Company had hedges in place for 88% of its remaining 2021 expected natural gas production, 71% of its 2021 expected natural gas liquids (NGLs) production and 89% of its 2021 expected oil production. The Company also has approximately 90% of its remaining 2021 expected natural gas production protected from the impact of widening basis differentials through transportation capacity and basis hedges.

As of June 30, 2021, Southwestern Energy had total debt of $3.0 billion and a leverage ratio of 2.6x, an improvement of 0.4x compared to last quarter. At quarter end, the Company had $568 million of borrowings under its revolving credit facility with $233 million in letters of credit and ample liquidity of $1.2 billion.

Operational Results
Total production for the quarter ended June 30, 2021 was 276 Bcfe, of which 79% was natural gas, 17% NGLs and 4% oil. Capital investments totaled $259 million for the second quarter, with 23 wells drilled, 19 wells completed and 31 wells placed to sales.

Southwest Appalachia – In the second quarter, total production was 153 Bcfe, with NGL production of 84 MBbls per day and oil production of 20 MBbls per day. The Company drilled 15 wells, completed 12 wells and placed 20 wells to sales with an average lateral length of 15,067 feet.

Nine of the wells to sales were located in the rich acreage with an average 30-day rate of 19 MMcfe per day, including 44% liquids, and eight of the wells to sales were located in the super rich acreage with an average 30-day rate of 13 MMcfe per day, including 67% liquids. The remaining three wells placed to sales this quarter were the Company’s first dry gas Ohio Utica wells. These wells had an average lateral length of 13,781 feet and each had an average 30-day rate of 25 MMcf per day.

Northeast Appalachia – Second quarter 2021 production was 123 Bcf. The Company drilled eight wells, completed seven wells and placed 11 wells to sales with an average lateral length of 11,568 feet and an average 30-day rate of 14 MMcf per day.

Third Quarter 2021 Price Guidance
Based on current market conditions, Southwestern expects third quarter price differentials to be within the following ranges before the impact of the Indigo acquisition. The Company maintains its full year 2021 price differential guidance before the impact of the Indigo acquisition.

Conference Call
Southwestern Energy will host a conference call on Friday, July 30, 2021 at 9:30 a.m. Central to discuss second quarter 2021 results. To participate, dial US toll-free 877-883-0383, or international 412-902-6506 and enter access code 3889842. A live webcast will be available at ir.swn.com.

About Southwestern Energy
Southwestern Energy Company (NYSE: SWN) is a leading U.S. producer of natural gas and natural gas liquids focused on responsibly developing large-scale energy assets in the nation’s most prolific shale gas basins. SWN’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. For additional information, please visit www.swn.com and www.swn.com/responsibility.

Forward Looking Statement
Certain statements and information in this news release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. The words “believe,” “expect,” “anticipate,” “plan,” "predict," “intend,” "seek," “foresee,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “project,” “potential,” “may,” “will,” “likely,” “guidance,” “goal,” “model,” “target,” “budget” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements may be forward looking even in the absence of these particular words. Examples of forward-looking statements include, but are not limited to, statements regarding the proposed acquisition of Indigo Natural Resources LLC (the “Proposed Transaction”), expected synergies and other benefits from and costs in connection with the Proposed Transaction, estimated financial metrics giving effect to the Proposed Transaction, our financial position, business strategy, production, reserve growth and other plans and objectives for our future operations, and generation of free cash flow. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. The forward-looking statements contained in this document are largely based on our expectations for the future, which reflect certain estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions, operating trends, and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. As such, management’s assumptions about future events may prove to be inaccurate. For a more detailed description of the risks and uncertainties involved, see “Risk Factors” in our most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC filings. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events, changes in circumstances, or otherwise. These cautionary statements qualify all forward-looking statements attributable to us, or persons acting on our behalf. Management cautions you that the forward-looking statements contained herein are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to: the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids (“NGLs”), including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to COVID-19 or other public health crises and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; our ability to fund our planned capital investments; a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate; the extent to which lower commodity prices impact our ability to service or refinance our existing debt; the impact of volatility in the financial markets or other global economic factors; difficulties in appropriately allocating capital and resources among our strategic opportunities; the timing and extent of our success in discovering, developing, producing and estimating reserves; our ability to maintain leases that may expire if production is not established or profitably maintained; our ability to realize the expected benefits from recent acquisitions or the Proposed Transaction; costs in connection with the Proposed Transaction; the consummation of or failure to consummate the Proposed Transaction and the timing thereof; costs in connection with the Proposed Transaction; integration of operations and results subsequent to the Proposed Transaction; our ability to transport our production to the most favorable markets or at all; the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives; the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; the effects of weather; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparative cost of alternative fuels; credit risk relating to the risk of loss as a result of non-performance by our counterparties; and any other factors listed in the reports we have filed and may file with the SEC that are incorporated by reference herein. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.